The Unit Trust of Fiji (UTOF) has made a significant investment by acquiring $10.5 million worth of shares in Kontiki Finance Ltd (KFL), positioning itself as one of the company’s major shareholders. UTOF purchased 10 million shares, which accounts for 9.5 percent of KFL’s total shareholding.
In a statement on its website, UTOF highlighted KFL’s strong financial performance and its solid presence in Fiji’s market through a diverse range of financial products and services. The partnership between UTOF and KFL is expected to foster growth and development in the financial sector.
KFL also announced that this acquisition was facilitated through a private placement, which successfully raised $10,544,999 in equity capital as stated on the South Pacific Stock Exchange. This capital will be directed towards supporting KFL’s strategic growth initiatives, notably its expansion efforts into the Samoan market, a topic discussed during the last Annual General Meeting.
The shares were purchased at $1.05 each, the same price at which KFL last traded on the stock exchange at the time of this report.
This acquisition not only demonstrates UTOF’s confidence in KFL’s future but also reflects the potential for financial collaboration within the Pacific region. With focused growth initiatives on the horizon, both companies appear set for a promising journey ahead.
For added perspective, this strategic investment reinforces the belief that businesses in Fiji are looking to strengthen their positions and expand regionally, which bodes well for the overall economic development of the area.
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